News
From Xero to hero
Bell Gully has acted on the successful float of online software innovator Xero.
Partners Mark Freeman and Dean Oppenhuis advised on all aspects of Xero's initial public offering and market debut which saw NZ$15 million raised.
This has been the first solely New Zealand float on the stock exchange this year and was oversubscribed. The float was unique because Xero is a start-up company and the more traditional capital raising route for such companies is through venture capital.
Wellington-based Xero provides an online accounting system for small and medium-sized enterprises and is the brain child of Rod Drury, an experienced technology entrepreneur, and Hamish Edwards, chartered accountant and consultant to technology companies.
Dean Oppenhuis, partner in Bell Gully's Wellington corporate team specialising in the needs of technology companies, says: "It's very satisfying to be able to contribute to the success of an emerging technology company such as Xero that has the ambition to grow a global business from New Zealand using the web."
Last year, Bell Gully acted on one of the first truly hi-tech flotations in New Zealand for quartz crystal components manufacturer Rakon.
For further information please contact:
Dean Oppenhuis
Partner
